A country’ economy is very much dependent upon each of its sectors. Among such sectors is Real Estate. In India, the sector is considered to be the second-highest employment generator after agriculture. Not only it has been responsible for generating a high level of employment, but also it has been supporting the stimulation of demand in various other sectors including consumer durables, building materials, brick, paint, steel, cement and so forth.
Let’s have a look at some of the recent developments in the Indian Real Estate industry:
The Rising Sector
The real estate market in India is expected to grow from US$ 93.8 billion in 2014 to US$ 180 billion by 2020. The major factors behind the growth of real estate sector has been the rise of the nuclear family, rapid urbanization and burgeoning income of the household.
Not only that, Real estate has been placed at fourth place when it comes to attracting Foreign Direct Investment (FDI) inflows. Government of India has been trying its best to bolster the growth of real estate sector. Not only the FDI limits for settlement development and townships has been raised to 100 percent, but also FDI inflow under real estate projects in SEZ (Special Economic Zone) has permitted to the same extent.
The Rising Player
Implementation of FDI was followed by the arrival of various foreign and domestic players in the real estate market. But, a platform that was much awaited in the sector has arrived to change the way real estate is bought and sold. Yes, we are taking about Biddinghouse. The platform has devised an innovative way to bring down costs in various types of properties. Not only that, Bidding House has partnered with various big players in the sector. These include Adani, DLF, Lotus Greens, TATA among others.
The process which it is using is the first of its kind in the country. To make the available properties economical for its users, Biddinghouse would purchase large number of properties from its partners using a lot system. Thus opening a way to provide properties that are both genuine and cost-effective at the same time.
Now coming to the benefits for its users, Biddinghouse is not only for purchaser who want to Buy Residential Property in India, however, real estate agents, sellers and brokers have a platform that will provide a wide exposure to the audience and customers all over the country. Therefore, now anyone can reap multiple benefits with just a single platform.
Real estate auction in India has been always characterized by the same boring traditional process. But as we have noticed that real estate sector in the country has been escalating itself to a level characterized by utter prosperity, there has arrived a platform that is not only going to provide an alternative to traditional real estate process, but also meeting all the property goals of every user in India.